The dollar’s daily cycle peaked on day 8, formed a swing high and lost the 50 day MA to begin its daily cycle decline.
The dollar printed its lowest point on Thursday, day 18, placing the dollar in its timing band for a DCL. The dollar has formed a swing low. The dollar will need to confirm the new daily cycle. A break above the declining trend line will confirm the new daily cycle.
The peak on day 8 locks in a left translated daily cycle formation, which is consistent with an intermediate cycle decline. But if day 18 is confirmed as the DCL then the dollar would have printed a higher low, which helps to confirm that the dollar is in a new intermediate cycle. Discussion of the dollar’s intermediate cycle can be found in the Weekend Report.
Stocks broke out to a new high on Tuesday. A new high on day 21, or later, indicates a right translated daily cycle formation.
Stocks have drifted lower since printing a new high on day 21. At this point a close below the 10 day MA along with a break below the daily cycle trend line would confirm the daily cycle decline. Stocks are in a daily uptrend. They will remain in their uptrend unless they close below the lower daily cycle band.
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